Tokenized US Treasuries just crossed the $9 billion mark—looks like we're establishing a fresh floor here.

The heavyweight players dominating this space tell an interesting story. BlackRock's USD liquidity fund sits at the top, backed by institutional confidence. Circle's USYC is right there competing for mindshare, while Franklin's on-chain US money fund rounds out the top tier. These three are basically setting the standard for on-chain treasury exposure.

But here's where it gets curious: flip the lens to six-month net flows, and you get a completely different cast. USYC stays relevant—that's telling you something about Circle's execution. Libra pops up as a notable mover. The rotation suggests the market's still figuring out which platforms will win long-term.

What's really happening is we're watching capital discover what on-chain treasury infrastructure can actually do. The $9B crossed threshold isn't just a number; it's proof that institutional appetite for tokenized fixed income is shifting from theoretical to practical. Whether this consolidates around the current leaders or fragments further—that's the real game to watch over the next quarter.